Industrial releases will dominate this week for REITs like Annaly

The week after the jobs report is invariably dull, and this one is no exception as some reports—ISM and construction spending—were moved up into the prior week. The economic data shouldn’t be market-moving.

Mortgage REITs like American Capital Agency (AGNC) and Annaly will focus on data that will move the bond market. Nothing this week will be market-moving, although the industrial data on Friday will speak to underlying economic strength or weakness.

Impact on homebuilders

Builders will focus on more macro data like the the NFIB Small Business Optimism Index and the manufacturing data later this week. No builders are reporting this week, so this week promises to be dull for them.

Impact on commercial REITs

The most important data for commercial REITs will be the retail sales data. This data will interest mall REITs like Simon Property Group (SPG) and General Growth Properties (GGP). Note that retailers are starting to report next week, which will be of interest to the mall REITs.

Office REITs like Brookfield Office Properties (BPO) and Vornado Realty Trust (VNO) will be most interested in the JOLTS Job Openings and the NFIB Small Business Optimism Index.

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